- POSTED: 15 May 2014 09:46
Virgin Mobile Latin America Inc (VMLA) has raised US$86 million in equity capital funding, with Singapore's Temasek Holdings as lead investor.
SINGAPORE: Virgin Mobile Latin America Inc (VMLA) has raised US$86 million in equity capital funding, with Singapore's Temasek Holdings as lead investor.
VMLA -- whose shareholders include Richard Branson's Virgin Group -- said the new round of funding will be supported by an expanded debt facility of US$41.5 million.
"The proceeds of these financings will be used to launch the Virgin Mobile brand in Mexico in 2014 and Brazil in 2015, and to fund further growth and expansion opportunities as they arise in the region, including the company's existing operations in Chile and Colombia," the company said in a statement.
VMLA was founded in 2010 to offer new products and services to countries in Latin America under the Virgin Mobile brand.
It belongs to a new category of telecom firms, called mobile virtual network operator -- which do not own their wireless infrastructure but rely on leased capacity from other mobile networks.